Australia’s pioneering Bitcoin ETF with direct BTC holdings set to launch on Tuesday
Australia-based Monochrome Asset Management’s Monochrome bitcoin (BTC) exchange-traded fund (ETF) (IBTC) will start trading on the Cboe Australia exchange on Tuesday, as per the information provided by the company to CoinDesk.
This particular product is the first and only ETF in Australia that directly holds bitcoin, as stated by the company.
“Prior to IBTC, Australian investors had limited options to invest in ETFs that indirectly hold bitcoin or through offshore bitcoin products, both lacking the investor protection regulations provided by the directly held crypto asset Australian Financial Services Licensing (AFSL) licensing regime,” the announcement explained.
Although Australia already has two exchange-traded products offering exposure to spot crypto assets on Cboe Australia, they do not directly hold bitcoin.
In April 2024, the company applied for a spot bitcoin (BTC) ETF. Following the approval of spot bitcoin ETFs in the U.S. in January 2024, regions like Hong Kong and Australia have shown interest in such products. In April, Hong Kong officially approved the first set of crypto-related spot ETFs, aiming to establish itself as a leading digital assets hub.
In Australia, companies need approval from the Australian Securities & Investments Commission (ASIC) and the listing exchange, in this case Cboe Australia. Monochrome had already received approval from ASIC for this product.
Cboe Australia did not respond immediately to CoinDesk’s request for comment.
“This is in line with Monochrome’s mission to offer secure, compliant, and easy ways for investors to participate in this transformative space,” said Jeff Yew, CEO of Monochrome Asset Management.
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